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Sugar prices declined further by ₹10-15 a quintal on the Vashi market despite improved retail demand. Naka rates declined by ₹10-30 on lack of bulk demand. Mill tender prices eased by ₹10-30 which attracted fresh buying orders from stockists. Morale was stable on expectation of higher demand from next month said sources.
A wholesaler said prices dropped further as producers continued selling at lower rates considering higher revenue from molasses due to its higher price. Freight rates were steady. Arrivals remained stable at 59-60 truck loads and local dispatches were about 61-62 loads. On Tuesday evening, about 21-22 mills offered tenders and sold over 70,000-75,000 bags at ₹2,050-2,200 (2,050-2,200) for S-grade and ₹2,190-2,340 (2,200-2,350) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,220-2,425 (2,232-2,431) and M-grade ₹2,320-2,622 (2,332-2,630). Naka delivery rates: S-grade ₹2,200-2,260 (2,200-2,270) and M-grade ₹2,280-2,430 (2,310-2,470).
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